Abramovich to turn Tel Aviv hotel into secondary home

Jewish billionaire Roman Abramovich could be spending more time in Israel. The oligarch, ranked the world’s 58th most wealthy person by Forbes, with $12 billion in wealth, has purchased his first property in Israel, Tel Aviv's Varsano Hotel, owned by brothers Guy and Yaron Varsano. The hotel is located between Shabazi Street and Ein Yaakov Street in Tel Aviv’s Neve Tzedek neighborhood.

Abramovich paid NIS 100 million for the property. The lot, which is just 1,500 square meters, includes the landmark hotel which is subject to a preservation order, and an area with a parking lot, which is zoned for additional residential construction. The deal was put together by businessman Eyal Kamir, and Neve Tzedek Real Estate’s Oren Katz. Abramovich was represented in the deal by Hagit Bavly and Ofir Schwartz, of Yigal Arnon & Co., and the Varsano brothers were represented by Shay Rosner and Inna Goldfarb, of Baruch I. Manoach & Co.